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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11779
Experience:  JD, MBA
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I am a resident in Dallas Texas. What is the worse thing could

Customer Question

I am a resident in Dallas Texas. What is the worse thing could have been happened from a credit card company or a unsecured personal loan company's law suit.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “I am a resident in Dallas Texas. What is the worse thing could have been happened from a credit card company or a unsecured personal loan company's law suit.”

Answer: In a worst case scenario, the creditors will get a judgment against you and then attach liens to your real estate and personal property, then foreclose on them. The judgment creditor may also garnish your wages (up to 25%). Of course, Texas is a very debtor friendly state. For example, if you own a home and use it as your primary residence, you can completely shield it from creditors.

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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and is not specific legal advice.

TJ, Esq. and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
I have a lawsuit from one of my credit company. If I don't replay within 10 days it will default judgement and may be taken against me. I have mortgage, I have no money in saving, laid off from work. Will you suggest me what is the best thing I may need to do.
Expert:  TJ, Esq. replied 8 years ago.
Your home (i.e. homestead) is completely protected against judgment creditors under the Texas Constitution. Therefore, you won't have to worry about losing your home. If you don't have a job, then there are no wages to garnish. Unless you have valuable personal property (such as fine jewelry or an expensive car with no lien), I doubt a judgment creditor would go after your personal belongings.

I suggest you review this PDF DOCUMENT. You will likely find it very helpful.

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